WOODCLIFF LAKE, N.J., Oct. 24, 2011 /PRNewswire/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) today announced that it began shipping the 5mg, 10mg, 15mg, and 20mg strengths of olanzapine orally disintegrating tablets, the generic version of Lilly's Zyprexa® Zydis®. According to IMS Health data, annual sales in the U.S. of Zyprexa® Zydis® are approximately $360 million.

Important information about olanzapine ODT

Olanzapine is an atypical antipsychotic indicated as oral formulation for the:

Treatment of schizophrenia.

Acute treatment of manic or mixed episodes associated with bipolar I disorder and maintenance treatment of bipolar I disorder.

Medication therapy for pediatric patients with schizophrenia or bipolar I disorder should be undertaken only after a thorough diagnostic evaluation and with careful consideration of the potential risks

Adjunct to valproate or lithium in the treatment of manic or mixed episodes associated with bipolar I disorder.

There are no labeled contraindications for olanzapine monotherapy. However, when using in combination with lithium or valproate, refer to the Contraindications section of the package inserts for those products.

Elderly patients with dementia-related psychosis treated with antipsychotic drugs are at an increased risk of death. Olanzapine orally disintegrating tablets are not approved for the treatment of patients with dementia-related psychosis. Refer to full prescribing information for complete boxed WARNING.

Certain statements in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent any statements made in this news release contain information that is not historical, these statements are essentially forward looking and, as such, are subject to known and unknown risks, uncertainties and contingencies, many of which are beyond the control of the Company, which could cause actual results and outcomes to differ materially from those expressed herein. Risk factors that might affect such forward-looking statements include those set forth in Item 1A of the Company's most recent Annual Report on Form 10-K, in other of the Company's filings with the SEC from time to time, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and on general industry and economic conditions. Any forward-looking statements included in this news release are made as of the date hereof only, based on information available to the Company as of the date hereof, and, subject to any applicable law to the contrary, the Company assumes no obligation to update any forward-looking statements.

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